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20130820
20130820
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government must step in to ensure the state and local government. the problem detroit faced is that -- >> state, local, and tribal government. >> and tribal government. [laughter] >> okay. >> the problem with detroit, unlike many municipalities that depend on revenue from real estate tax, they run on income taxes. they never recovered from 2001. the black unemployment rate never recovered from 2001. that downturn decimated the revenue stream for the city, and it never came back. if there are banks that are too big to fail, and we have to step in to make sure they function, there are cities that are too big to fail. [applause] >> bankruptcy in one of those cities. >> yes, and so it is not enough for the administration to say, oh, we're behind you, droit. no. we said to wall street, $800 billion we're behind you, so that's being behind me. [laughter] >> okay. behind you, what are the policies? >> so, wall street caused more damage than what we have put into the budget. there needs to be a financial transaction tax because when they gamble, we lose. [applause] they have to pay
've got to say, you cannot rob the people of detroit of the pension. they worked hard for these pensions. and let me tell you something, if we stand by what they take the detroit pension they will be taking our pensions. so don't think it will happen to us. if they can set a precedent, they will do it to us again. let me just tell you this. inequality is a scourge on our society. and yes, we're talking about low-wage workers making $7.25 an hour. we've got to do something about it. but there's the other side of that, the other side of that is that some people are doing pretty good. so between 1979-2007, a period, although less than 20 years, real income rose by 240% for those at the top 1%. it's a shameful thing. it is a moral issue. and we've got to fight back at this. let me tell you, our economy is capable of producing enough good paying jobs for everyone. [applause] our economy could do it. this economy can do it. but we can't do it while we're getting trade deals that are shipping our jobs overseas, that just leaned on us a few months ago for the south korea the other said it will c
Search Results 0 to 1 of about 2